Wayfair Inc. announced today that its subsidiary, Wayfair LLC, successfully closed a private offering of $800 million in aggregate principal amount of 7.250% senior secured notes due 2029. The notes are set to mature on October 31, 2029, unless they are repurchased or redeemed earlier in accordance with their terms.
The net proceeds from this offering, combined with existing cash, are intended for the repayment of certain of Wayfair's existing convertible senior notes and for general corporate purposes. This move is part of the company's strategy to manage its debt profile and improve its financial standing.
Chief Financial Officer and Chief Administrative Officer Kate Gulliver stated that Wayfair is on a solid path to continue deleveraging. This financial maturation is expected to improve the company's cash flow profile and facilitate the repayment of upcoming debt maturities over the next year.
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